I don't think Nintendo will bother stopping this one, or at least not any time soon. I mean, Link's Awakening got a remake on RPG Maker 2000/2003 (Although because of the program's tiled movements instead of pixel movement and some other limitations, it didn't have the feeling of the original).

I've already played BS Zelda, which is an updated version of this for the Super Famicon. Only difference is that the Super Famicon version of Zelda 1 uses a mascot instead of Link (I did use a hack to return it to Link though). I'm wondering how this one'll turn out if it's ever completed.